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HCR endorses Douglas Elliman firm as new managing agent in Coop City

The state Division of Homes and Community Renewal (HCR) has approved Douglas Elliman Property Management as the new managing agent for Co-op City and accepted the firm's preliminary management plan and contract signed between Riverbay Corporation and Douglas Elliman.

Approvals from both Wells Fargo Bank and the Federal Housing and Urban Development Agency (HUD) are expected shortly following a meeting and tour held in Coop City last week.

Douglas Elliman Property Management will take over leadership of the daily operation of Riverbay Corporation beginning on July 1, 2016 on a one year contract that was approved by the Riverbay Board of Directors at their meeting on June 1, 2016. The new Riverbay contract will pay Douglas Elliman Property Management an annual fee of $550,000 compared to the $1.54 million that was paid to the previous management agent, Marion Scott Real Estate, Inc.

Douglas Elliman Property Management will submit its final management plan to the three oversight entities within six months after a thorough onsite review of Riverbay's policies, procedures, books and records. Elliman has appointed Robert Klehammer as Executive General Manager to serve on-site as the full-time Douglas Elliman Property Management representative.

By Jim Roberts
Coop City Times is now online

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